The Australian share market has added over one per cent this week, thanks to making gains of just over half a per cent today. We defied the odds from the open, shaking off the weak leads from Wall Street. Financials led the way all day today and led most sectors higher with IOOF jet packing ahead on a distribution deal with ANZ.
ANZ (ASX:ANZ) rose the most out of the big four banks, up 2.4 per cent today. It was the first of the big four out of the stalls to report and its results were generally in line with UBS expectations. ANZ (ASX:ANZ) announced its cash profits rose 1 per cent to $3.5 billion in half 2018 year.
NAB (ASX:NAB) is due to report on Thursday 3 May, WBC (ASX:WBC) next Monday 7 May. While CBA (ASX:CBA) quarterly update date is not yet set. Speaking of CBA it followed ANZ higher and added about 1.9 per cent, with NAB up 1.7 per cent and WBC up 1.4 per cnet.
At the closing bell the S&P/ASX 200 index closed 0.54 per cent or 33 points up at 6,015.
The Dow futures are suggesting a rise of 18 points up.
And the ASX200 futures are eyeing a 28 point up.
Value of trades
$6.2 billion on volume of 814 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), ANZ (ASX:ANZ) and Westpac (ASX:WBC).
RBA kept interest rates on hold at 1.5 per cent as expected. The RBA noted the Australian dollar had fallen a little recently, but on a trade-weighted basis it's in the range that it's been in for the past 2 years. The central bank says rising rates would likely slow economic activity and inflation could move more than currently forecast. It also noted the global economy has strengthened over the past year.
Australia’s manufacturing industry saw less momentum in April, with the industry’s index falling 4.8 points to a reading of 58.3 in April. It follows on from March’s record high 63.1 reading. Of course, it’s still positive as the reading is above the 50 level of expansion.
Intellectual property company, IPH (ASX:IPH) shares were snapped up today and it became one of the day’s best performers after it presented at Macquarie Australia’s conference. IPH noted it’s going to expand into Asia with the focus on strengthening its patent capabilities and capturing market share. Shares in IPH (ASX:IPH) closed 1.9 per cent higher at $3.84.
Cloud-based software solution, WiseTech Global (ASX:WTC) is now expecting its revenue growth to between 37 per cent and 43 per cent and in the range of $210 million and $220 million for FY18. It comes as first half 2018 revenue is already 31 per cent higher than the first half of the 2017. The tech company made the announcement as it presented at an Macquarie Australia’s investor conference today in Sydney.
Another star performer today is IOOF (ASX:IFL) saw a lot of buying, propelling it also to one of today’s best performers. It comes as ANZ (ASX:ANZ) advised in as part of its wealth sale, it will enter into two 20-year strategic alliances, offering IOOF superannuation and investment products to ANZ customers.
The Commonwealth Bank (ASX:CBA) has responded to a scathing report from the Australian Prudential Regulation Authority (APRA) after the independent review found the bank’s culture was complacent, over confident and insular. CBA say it plans to implement all APRA’s recommendations and entered into enforceable undertaking.
Telecommunication company, Amaysim (ASX:AYS) received some extra buy in power today from Fidelity International (FIL Limited) and its affiliates who took their holding in the company to 9 per cent.
Adriatic Metals Plc (ASX:ADT) started trading today, with mineral exploration and resource company issuing shares at 20 cents. It opened 22 cents and closed at 20 cents.
Best and worst performers of the day
The best performing sector was financials adding 1.4 per cent while, the worst performing sector was staples, shedding 0.7 per cent.
The best performing stock in the S&P/ASX 200 was Wisetech Global Limited (ASX:WTC), rising 5.3 per cent to close at $10.57. Shares in Sigma Healthcare (ASX:SIG) and IPH (ASX:IPH) followed higher.
The worst performing stock in the S&P/ASX 200 was Graincorp Limited (ASX:GNC), dropping 5.4 per cent to close at $8.41 Shares in Independence Group Nl (ASX:IGO) and Ramsay Health Care (ASX:RHC) followed lower.
Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng and Shanghai Composite are not trading.
Commodities and the dollar
Gold is trading at $US1,311 an ounce.
Light crude is $0.47 up at $US68.57 barrel.
One Australian dollar is buying 75.29 US cents.
Bitcoin trades at US$8,985 and EOS is 10 per cent lower US$17.00